IIROC supports establishment of new Canadian Foundation for the Advancement of Investor Rights

    TORONTO, Sept. 29 /CNW/ - The Investment Industry Regulatory Organization
of Canada (IIROC) has provided funding to support the establishment of a
national independent organization, the <a href="http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=FD1899648FCE48309467C50880F88E7E&Language=en">Canadian Foundation for the Advancement</a>
<a href="http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=FD1899648FCE48309467C50880F88E7E&Language=en">of Investor Rights</a>.
    The Boards of Directors of IIROC's predecessor organizations - the
Investment Dealers Association of Canada (IDA) and Market Regulation Services
Inc. (RS) - granted one time start-up funding for the Foundation from the IDA
and RS discretionary and restricted funds. These funds were derived from
disciplinary hearing fines levied against firms and individuals regulated by
the IDA and RS, and funding for the Foundation was provided as a special
project intended to benefit the investing public and the Canadian capital
    Creation of the Foundation supports a recommendation of The Task Force to
Modernize Securities Legislation in Canada (funded by the IDA Discretionary
Fund in 2005). Research commissioned by the Task Force found that while there
were many committed and active individual consumer advocates in Canada,
larger, established national consumer advocacy bodies have not been active in
securities regulation. The Task Force therefore recommended that regulators
and others work together to develop a credible, national well-resourced and
coherent voice of consumers in Canadian securities regulation.
    "The foundation will support a stronger voice for the investor community
in Canada which often lacks the legal, accounting and research resources that
are available to other stakeholders when they seek to articulate and advance
their views," said IIROC CEO and President Susan Wolburgh Jenah. "Regulators,
the investing public and the Canadian capital markets will all benefit from a
more diverse and broader input in the development of regulatory policies."
    Over the past years, the IDA and RS have supported a variety of projects
through their discretionary funds. In addition to funding the Task Force to
Modernize Securities Legislation in Canada, other recent projects have
included funding to help establish the National Registration Database; the RS
-DeGroote (now IIROC-DeGroote) Market Structure Conference and Lecture Series;
a pending IIROC web based educational program for retail investors on trading
on equity marketplaces; and more recently a proposed program to enhance youth
financial literacy/capability developed by the Social and Enterprise
Development Innovations (SEDI).
    IIROC is developing a framework and more detailed criteria for future
allocation of IIROC's restricted fund to ensure that the process to allocate
these funds is fair and accessible to all stakeholders. Projects will be
selected with a view to maximizing the impact of IIROC's investments in the
best interests of investors, industry and the capital markets.

    IIROC is the national self-regulatory organization which oversees all
investment dealers and trading activity on debt and equity marketplaces in
Canada. Created in 2008 through the consolidation of the Investment Dealers
Association of Canada and Market Regulation Services Inc., IIROC sets high
quality regulatory and investment industry standards, protects investors and
strengthens market integrity while maintaining efficient and competitive
capital markets. IIROC carries out its regulatory responsibilities through
setting and enforcing rules regarding the proficiency, business and financial
conduct of dealer firms and their registered employees and through setting and
enforcing market integrity rules regarding trading activity on Canadian equity

For further information:

For further information: Connie Craddock, Vice-President, Public
Affairs, (416) 943-5870 or ccraddock@iiroc.ca

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